Lazard Ltd. (LAZ) Receives Consensus Recommendation of “Buy” from Analysts
Shares of Lazard Ltd. (NYSE:LAZ) have been given an average rating of “Buy” by the eleven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $46.88.
LAZ has been the subject of a number of research reports. Credit Suisse Group reiterated a “buy” rating and set a $50.00 target price on shares of Lazard in a research note on Friday, April 21st. Zacks Investment Research lowered Lazard from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. Keefe, Bruyette & Woods restated a “buy” rating on shares of Lazard in a research note on Tuesday, April 4th. Finally, BidaskClub upgraded Lazard from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st.
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In other news, General Counsel Scott D. Hoffman sold 35,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $45.13, for a total transaction of $1,579,550.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Matthieu Bucaille sold 90,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $44.81, for a total transaction of $4,032,900.00. The disclosure for this sale can be found here. Insiders sold a total of 190,000 shares of company stock worth $8,521,200 over the last three months. 2.50% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. CENTRAL TRUST Co raised its position in shares of Lazard by 558.7% in the first quarter. CENTRAL TRUST Co now owns 3,537 shares of the asset manager’s stock worth $163,000 after buying an additional 3,000 shares during the period. Suntrust Banks Inc. acquired a new position in shares of Lazard during the first quarter valued at about $204,000. Peapack Gladstone Financial Corp acquired a new position in shares of Lazard during the first quarter valued at about $207,000. King Wealth Management Group LLC acquired a new position in shares of Lazard during the first quarter valued at about $207,000. Finally, Wedbush Securities Inc. acquired a new position in shares of Lazard during the first quarter valued at about $212,000. 73.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lazard (LAZ) traded up 1.24% during midday trading on Monday, hitting $47.99. The stock had a trading volume of 835,215 shares. Lazard has a 1-year low of $32.53 and a 1-year high of $48.02. The firm’s 50-day moving average price is $45.92 and its 200-day moving average price is $44.24. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 14.85 and a beta of 1.84.
Lazard (NYSE:LAZ) last posted its quarterly earnings data on Thursday, April 27th. The asset manager reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.03. The business had revenue of $624.43 million for the quarter, compared to analysts’ expectations of $611.43 million. Lazard had a return on equity of 36.15% and a net margin of 17.06%. The business’s revenue was up 23.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 EPS. Analysts forecast that Lazard will post $3.39 earnings per share for the current year.
Lazard Company Profile
Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients.
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